UK Fraud Office Begins Libor Criminal Probe

Law360, New York (July 6, 2012, 12:04 PM EDT) -- Britain's Serious Fraud Office launched a criminal investigation Friday into the country's banking system in light of an interest rate-rigging scandal that has already led to a $450 million settlement by Barclays PLC and calls for prosecutions.

SFO director David Green said he had "decided formally to accept the Libor matter for investigation." Green's office is authorized to bring criminal charges under the country's Criminal Justice Act.

Green's announcement follows Thursday's vote by British lawmakers authorizing their own probe. The House of Commons voted 330 to...